Carl Lindner and his brother Robert used their family's dairy business to build a chain of convenience stores in Cincinnati, Ohio, called
United Dairy Farmers (UDF). From there they went into the financial and communications fields. Through their holding company
American Financial Group (AFG) they control Great American Insurance, a holding company for a group of property and life insurance companies that constitute the twenty-third largest insurer in the country. AFG owned the fourth-largest bank in Cincinnati, Provident Bank, and the second-largest savings and loan (Hunter Savings, later merged into Provident. The Lindners also control seventy shopping centers around Cincinnati. They once owned
Bantam Books and the major newspaper of Cincinnati,
The Cincinnati Enquirer.
Charles Keating, also of Cincinnati, was a close friend and colleague of the Lindners. Carl Lindner also had major investments in
United Brands (formerly known as United Fruit - Chiquita Bananas which included plantations in El Salvador and other Central American countries.),
Gulf+Western (later Paramount Communications, now part of
Viacom and
CBS Corporation),
Warner Communications,
Kroger (a major supermarket chain in the eastern U.S.),
Great American Broadcasting,
General Cable and
Penn Central. Whereas the Lindner companies and financial institutions once operated on conservative, cautious principles they later became involved in riskier ventures. Lindner insurance companies began to invest in
junk bonds and other Lindner companies began to issue junk bonds. The SEC noted that Lindner companies were the single largest filers of new issues of securities in the U.S. Lindner was repeatedly accused of self-dealing in the corporations under his control; e.g., having such a corporation give him a private aircraft. He became closely associated with
Michael Milken and the others in the junk bond field to the extent that his financial institutions invested in the junk bonds of the others. He and others actively engaged in public relations efforts to present an image of fiscal propriety to the general public.{{cite web ==Death==